Acrylic Acid Market

Acrylic acid is primarily produced through the two-stage oxidation of propylene. Around 5% of propylene goes into the production of acrylic acid. There are two available grades of acrylic acid: the technical grade and the glacial grade.

The market is experiencing growth due to the increasing demand in its various end-use applications. The swift expansion of diverse end-use applications for acrylic acid is driving this market growth. Untapped markets in emerging economies present significant growth potential. However, health hazards and environmental concerns related to acrylic acid are the main factors restraining this growth.

Trends in the Acrylic Acid Market:

• Acrylic acid is increasingly being utilized to produce acrylate esters, which have applications in various domains, such as paints and coatings.
• Acrylics find their application in architectural coatings, finishes for products intended for original equipment manufacturers, including automotive (OEM) and refinishing processes, and in specialized coatings.
• Clear acrylic powder coatings are being introduced for car body finishes. While it’s an optimal solution for many applications, the curing process requires high temperatures in an oven. Hence, it’s not universally applicable, for instance in the painting of wood and plastics.
• Architectural coatings serve both protective and decorative purposes, being used on buildings and houses. They often have specific functions like roof coatings, wall paints, or deck finishes. Each coating is designed to offer specific decorative, durable, and protective qualities irrespective of its purpose.
• Most homeowners have a preference for selecting their own color palettes for living room and bedroom walls. Acrylic paints are popular since they provide a wide spectrum of color and shade choices. A majority of ceilings are painted a flat white to reflect most ambient light in a room, giving residents a feeling of spaciousness and relaxation. Basement masonry walls can sometimes show water seepage.
• In May 2022, Grasim Industries (a part of the Aditya Birla Group) set a plan to invest INR 10,000 crore (approximately USD 1,209.47 million) in its paint business by FY2025. Earlier, in January 2021, the firm had announced intentions to venture into the paint industry with an investment of INR 5,000 crore (around USD 604.73 million) over the subsequent three years. By Q4 FY2024, the company aims to launch a paint plant with a production capacity of 1,332 million liters annually.
• Data from the Ministry of Economy, Trade, and Industry (Japan) indicates that the production volume of synthetic resin paints in Japan was roughly 1.01 million metric tons in 2021. This accounts for a significant portion of the total paint production volume, which increased to about 1.53 million metric tons in 2021 from 1.50 million metric tons in 2020.
• The American Coatings Association (Coatings Tech) reported that in 2020, the US paints and coatings industry was valued at USD 25.21 billion, with projections to reach USD 28.06 billion by 2022. In volume terms, this industry accounted for 1,337 million gallons in 2020 and was anticipated to hit 1,416 million gallons by 2022. This growth in the paint and coatings industry is poised to further boost the demand for acrylic acid in the US.
• In conclusion, following an initial recovery phase, the demand for acrylic acid in the region is projected to experience moderate to high growth.

Driver: Increase in Demand from the Paints & Coatings Sector

The acrylic acid market is being propelled forward by the surging demand from the paints and coatings industry. Acrylic acid, crucial in producing acrylate esters, holds a pivotal position in this sector. Acrylate esters, which are derivatives of acrylic acid, are indispensable components in a myriad of coatings, encompassing architectural coatings, OEM finishes for automobiles and various other products, and specialized coatings.

A notable surge in demand from end-use sectors such as construction, paints and coatings, adhesives, and sealants is bolstering the overall market growth. Furthermore, the burgeoning use of superabsorbent polymers (SAP) acts as a significant catalyst in market expansion. However, supply chain disparities and environmental apprehensions remain primary factors hampering market development. Still, the transition towards creating bio-based acrylic acid and the immense growth potential in untapped regions foreshadow substantial market demand. The Asia Pacific dominates the acrylic acid market in both volume and revenue and is anticipated to maintain this lead in the foreseeable future. Factors such as growing demand for baby diapers and infrastructural development, coupled with increased purchasing power, are major market growth drivers. Additionally, the expanding uses of superabsorbent polymers promise to fuel the acrylic acid demand in both North America and Europe. Furthermore, the rising demand for adult diapers, stemming from an aging population, augments market growth. Regions that remain relatively untapped, like the Middle East, Eastern Europe, Latin America, and Africa, are poised to offer substantial growth opportunities.

Companies like Cargill and Novozymes are pioneering a technology capable of producing acrylic acid from 3-hydroxy propionic acid, using sugar as the primary raw material. In this process, engineered microorganisms ferment sugar to yield 3-hydroxy propionic acid. This endeavor received a grant of USD 1.5 million from the US Department of Energy and was projected to become operational by 2013. Meanwhile, industry leaders Arkema and Jurong Chemical in China entered a joint venture named Sunke. In this collaboration, Arkema holds the majority stake and has launched two production lines for acrylic acid at the Taixing site in China, each with a capacity of 160,000. Following the first phase, Arkema now oversees half of the site’s production, strategically positioning the company to cater to the escalating demand in the Asia region. This move is in tandem with the growth of sectors such as paints, superabsorbents, adhesives, and water treatment.

Restraint: Acrylic Acid’s Toxic Nature and Limitations on Air Exposure

Acrylic acid, being a volatile organic compound, can contribute to photochemical smog formation. Both NIOSH (National Institute for Occupational Safety and Health) and the ACGIH (American Conference of Governmental Industrial Hygienists Inc.) have appended a skin notation to their suggested workplace air exposure limits for acrylic acid.

Government Regulations:

• The European Union’s REACH Regulation mandates acrylic acid and its derivative manufacturers to disclose data concerning their safety and environmental repercussions.
• The European Commission’s Biocidal Products Regulation (BPR) outlines criteria for biocidal products, including those with acrylic acid.
• The U.S. EPA has stipulated limits for acrylic acid levels in drinking water and set emission restrictions from industrial entities.
• The U.S. FDA oversees the utilization of acrylic acid in cosmetics and other personal care products, formulating standards for testing and labeling.
• The IARC recognizes Methyl Methacrylate monomer, an acrylic acid derivative, as a Group 2A carcinogen, necessitating safety protocols during manufacturing.

Purpose of the Report: The primary goal of this strategic research, titled “Global Acrylic Acid Market,” is to provide industry leaders, investors, and participants with deep insights to facilitate informed decisions concerning global acrylic acid market opportunities.

Target Audience:

• Industry investors
• Raw material providers
• Distributors
• Manufacturers
• Retailers

By Applications –

Acrylic Acid: The acrylic acid market is segmented based on applications into acrylates, SAPs, and others. Acrylates are further divided into surface coatings, adhesives, resin modifiers, etc. SAP encompasses baby diapers, adult incontinence products, feminine hygiene, among others. The other category includes polymer modifiers, inks, water treatment, paper processing, and more. While acrylates predominantly led the market, SAPs are forecasted to register the swiftest growth, marginally surpassing GDP growth rates.

Acrylic acid, a prevalent chemical intermediate, is highly valued for its extensive application range. The most widely accepted method for acrylic acid production is propylene’s vapor phase oxidation. This typically involves a two-reactor process with distinct catalysts. In this approach, the initial reactor transforms propylene into acrolein, while the subsequent reactor completes acrolein’s conversion to acrylic acid. Contrary to this standard method, this design project advocates for a single-reactor system, employing a molten salt medium for heat transfer, effectively dissipating the reaction’s exothermic nature. If implemented correctly, this model should achieve roughly a 90% conversion rate of propylene.

Based on geography, the global acrylic acid market is segmented into the following regions

• North America
  • US.
  • Canada
• Europe
  • Germany
  • France
  • UK.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

The Asia Pacific is the largest market globally and is projected to grow at the highest rate in revenue and volume from 2021 to 2028. North America is the second largest market, followed by Europe. In addition, untapped economies such as the Middle East, South East Asia, Latin America, and Eastern Europe offer huge market potential.

Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Market Segmentation
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Approach Adopted
1.3.5 Key Points

Chapter 2 Executive Summary
2.1 Market Snapshot: Global acrylic Acid Market

Chapter 3 Introduction
3.1 Introduction
3.2 Classification
3.3 Drivers
3.4 Restraints
3.5 Opportunities
3.6 Supply Chain
3.7 Porter’s five force analysis
3.7.1 Bargaining power of suppliers
3.7.2 Bargaining power of buyers
3.7.3 Threat of new entrants
3.7.4 Threat of substitutes
3.7.5 Degree of competition

Chapter 4 Global Acrylic Acid Market, Application Analysis
4.1 Global acrylic Acid Market, by application type
4.2 Acrylates
4.2.1 Global demand of acrylates from surface coating applications, 2020 – 2028, (USD Billion), (Million Tons)
4.2.2 Global demand of acrylates from adhesives applications, 2020 – 2028, (USD Billion), (Million Tons)
4.2.3 Global demand of acrylates from resin modifiers applications, 2020 – 2028, (USD Billion), (Million Tons)
4.2.4 Global demand of acrylates from others applications, 2020 – 2028, (USD Billion), (Million Tons)
4.3 Superabsorbent Polymers (SAP’s)
4.3.1 Global demand of superabsorbent polymers from baby diaper applications, 2020 – 2028, (USD Billion), (Million Tons)
4.3.2 Global demand of superabsorbent polymers from adult incontinence applications, 2020 – 2028, (USD Billion), (Million Tons)
4.3.3 Global demand of superabsorbent polymers from feminine hygiene applications, 2020 – 2028, (USD Billion), (Million Tons)
4.3.4 Global demand of superabsorbent polymers from others applications, 2020 – 2028, (USD Billion), (Million Tons)
4.4 Others
4.4.1 Global demand of acrylic acid from others applications, 2020 – 2028, (USD Billion), (Million Tons)

Chapter 5 Global Acrylic Acid Market, Regional Analysis
5.1 Global Acrylic Acid Market, regional analysis, (2020 & 2028)
5.2 North America
5.2.1 US Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.2.2 Canada Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.2.3 Mexico Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.3 Europe
5.3.1 Germany Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.3.2 France Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.3.3 UK Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.3.4 Italy Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.3.5 Russia Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.3.6 Rest of Europe Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.4 Asia Pacific
5.4.1 Japan Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.4.2 China Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.4.3 India Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.4.4 Australia Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.4.5 Rest of Asia Pacific Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.5 RoW
5.5.1 Brazil Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
5.5.2 Rest of RoW Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)

Chapter 6 Competitive Analysis
6.1 Arkema SA
6.2 BASF SE
6.3 The DOW Chemical Company
6.4 Evonik Industries
6.5 Galactic S.A
6.6 Mitsubishi Chemical Holdings Corp
6.7 Nippon Shokubai Co. Ltd
6.8 Sasol Ltd
6.9 The Lubrizol Corporation
6.10 SIBUR

List of Figures

FIG. 1 Global Acrylic acid : Market Segmentation
FIG. 2 Global Acrylic Acid Market, by application type
FIG. 3 Acrylates
FIG. 4 Global demand of acrylates from surface coating applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 5 Global demand of acrylates from adhesives applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 6 Global demand of acrylates from resin modifiers applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 7 Global demand of acrylates from others applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 8 Superabsorbent Polymers (SAP’s)
FIG. 9 Global demand of superabsorbent polymers from baby diaper applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 10 Global demand of superabsorbent polymers from adult incontinence applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 11 Global demand of superabsorbent polymers from feminine hygiene applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 12 Global demand of superabsorbent polymers from others applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 13 Others
FIG. 14 Global demand of acrylic acid from others applications, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 15 U.S. Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 16 Canada Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 17 Mexico Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 18 Germany Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 19 France Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 20 UK Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 21 Italy Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 22 Russia Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 23 Rest of Europe Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 24 Japan Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 25 China Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 26 India Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 27 Australia Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 28 Rest of Asia Pacific Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 29 Brazil Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)
FIG. 30 Rest of RoW Acrylic Acid Market, 2020 – 2028, (USD Billion), (Million Tons)

List of Tables

TABLE 1 Market Snapshot: Global Acrylic Acid Market
TABLE 2 North America Acrylic Acid Market, Strategic Snapshot
TABLE 3 North America Acrylic Acid market volume by region, 2020-2028, (Million Ton)
TABLE 4 North America Acrylic Acid market revenue by region, 2020-2028, (USD Billion)
TABLE 5 North America Acrylic Acid market volume by application type, 2020-2028, (Million Tons)
TABLE 6 North America Acrylic Acid market revenue by application type, 2020-2028, (USD Billion)
TABLE 7 Europe Acrylic Acid Market, Strategic Snapshot
TABLE 8 Europe Acrylic Acid market volume by region, 2020-2028, (Million Ton)
TABLE 9 Europe Acrylic Acid market revenue by region, 2020-2028, (USD Billion)
TABLE 10 Europe Acrylic Acid market volume by application type, 2020-2028, (Million Tons)
TABLE 11 Europe Acrylic Acid market revenue by application type, 2020-2028, (USD Billion)
TABLE 12 Asia Pacific Acrylic Acid Market, Strategic Snapshot
TABLE 13 Asia Pacific Acrylic Acid market volume by region, 2020-2028, (Million Ton)
TABLE 14 Asia Pacific Acrylic Acid market revenue by region, 2020-2028, (USD Billion)
TABLE 15 Asia Pacific Acrylic Acid market volume by application type, 2020-2028, (Million Tons)
TABLE 16 Asia Pacific Acrylic Acid market revenue by application type, 2020-2028, (USD Billion)
TABLE 17 RoW Acrylic Acid Market, Strategic Snapshot
TABLE 18 RoW Acrylic Acid market volume by region, 2020-2028, (Million Ton)
TABLE 19 RoW Acrylic Acid market revenue by region, 2020-2028, (USD Billion)
TABLE 20 RoW Acrylic Acid market volume by application type, 2020-2028, (Million Tons)
TABLE 21 RoW Acrylic Acid market revenue by application type, 2020-2028, (USD Billion)
TABLE 22 Competitive Analysis